Firms must act against 'tide of consumer activism'

Speaking earlier today at the FSA’s third TCF conference, Clive Briault, managing director of retail markets, said consumers have increasing power which provides firms with powerful incentives greater than regulation to deliver fair outcomes. He says consumers have become better informed and campaigns against financial services have increasing impact. He highlights a Facebook campaign earlier this year, which convinced HSBC not to change students' overdraft conditions as soon as they graduate. The FSA says consumers increasingly may judge TCF for themselves as financial capability i...